What is Gains Network Token? How To Buy GNS Token In India?

What is Gains Network Token?

The crypto space has evolved from just being a top preferred investment, buying, or selling platform to the platform offering the services offered by any centralized banking system. Banks often offer loans, and a similar service is offered in crypto called leverage wherein one can open up a position worth much more than the money you deposit. Gains network is one such platform that is the pioneer in decentralized leverage trading which is liquidity efficient, powerful, and user-friendly.

The network utilizes a synthetic architecture that makes capital more efficient than any other platform allowing lesser fees and a wide range of leverages and pairs. the platform is empowered by its native token GNS which acts as a utility token too. The gains network’s token (GNS) and the NFTs are designed in such a way that they can be actively used within the platform and also offers ownership of the protocol through a revenue system.

Read More: How to Buy Ethereum in India

Who Are the Founders of Gains  Network?

Gains network is founded in 2021 by an anonymous founder, Seb, and the team consists of reportedly 10 members currently. The platform is currently preparing to transform into a Decentralised Autonomous Organisation (DAO) and till then the platform would be wholly controlled by the founder itself. 

How Does Gains  Network Work?

The protocol utilizes Chianlink’s decentralized oracle network (DON) which consists of 7 APIs. These APIs feed into eight on-demand Chainlink nodes and in turn feed the real-time prices to an aggregator contract. The security, accuracy, and readability of the protocol are maintained by using multiple premium data aggregators to obtain wide market coverage along with a reduction of price errors. 

Most of the trades on the platform are carried out using DAI as collateral which is deposited in its vault. The traders are offered leverage between 4 to 100 times which is synthetic and backed by the DAI vault, GNS/DAI liquidity, and the GNS token. After the closure of a trade, DAI is taken from the vault to pay traders. If the trade is at loss, the excess DAI is kept in the vault which helps the vault to become over-collaterized sometimes. 

As the vault reaches 130% of being over-collateralized, DAI is used to market by GNS which is further burnt. This had happened earlier during the LUNA crash, which caused a death spiral over the protocol as new GNS were minted to pay back winning trades instead of utilizing the vault of the GNS/DAI LP. 

Therefore, the minting mechanism was paused immediately and the feature has been removed since then. Presently, the traders get paid from the DAI collateral in the vault. 

What Makes Gains  Network Unique-Uses Cases?

• Trading on the Gains network is cost-effective with high leverage and a broader selection of trading pairs.
• The synthetic architecture of the network increases the efficiency of the platform, allowing the traders to maximize their resources
• The GNS holders presently can generate platform fees through single-sided staking. Meanwhile, the NFT holders are benefitted by reducing spread and increase of rewards
• The platform is about to transform into a DAO and hence the network would be governed by the holders shortly as they participate in the governance by casting their vote

Gains  Network Price Analysis

Source: TradingView

• The Gains price since the beginning is trading within an ascending rising channel and currently is testing the lower support
• The volume remains depleted, largely dominated by the bears due to which, the possibility of breaking down the lower trend line emerge
• Moreover, the RSI has turned bearish which may further head towards the oversold levels and hence substantiated the bearish claims
• However, after reaching the interim support at $5.89 the bulls are expected to enter and lift the price close to the resistance at $9.2

How to Buy Gains  Network in India?

If you want to buy Gains  Network in India, just follow the below-mentioned steps,

• Download the CoinDCX App on your Smartphone 
• Enter the details required for registration 
• Complete KYC
• After verification, fund your wallet and buy GNS